/biz/ - Business & Finance

>The second group is proof of reserves, where we are essentially able to prove things about off-chain assets, not on an annual basis with an audit but on a minute by minute or ten minute by ten minute basis, proving there is for example gold in a vault or assets in a bank account or you know, even tokens on another chain. Proof of reserves is another powerful tool in the toolbox of developers because it allows the off chain worlds assets, mainly bringing the global asset management industry into the blockchain world, by proving that those assets are in existence and in a certain state. If something like proof of reserves existed and was functioning well before the 2008 financial crisis, its very possible that would have been softened or completely avoided.